Dogecoin Millionaire Explains Why He’s Still Bullish On DOGE Despite Taking Heavy Losses

Investing in cryptocurrencies like Dogecoin can be tricky, as the nascent market is known to be the most volatile in terms of price movement. One day, an investor triples his investment, and the next day, all of it is gone. So knowing when to sell and exit a position can sometimes be challenging. 

This is the recent case of a once-DOGE millionaire who has seen the worth of his holdings fall from almost $3 million to $50,000. However, despite the ups and downs, this long-time HODLer believes Dogecoin has staying power.

Still Bullish On Dogecoin

Dogecoin has come a long way since its creation as a joke. The cryptocurrency saw its value spike dramatically in 2021, making early investors sudden millionaires in the process. At the peak of its rally, DOGE rose from a market cap of $1.2 billion to $75.26 billion in less than five months to reach a price all-time high of $0.74.

One of these investors who became millionaires overnight as a result of this rise was Las Vegas resident Glauber Contessoto, known as SlumDOGE Millionaire on social media platform X. During the rise of DOGE, this investor saw his holdings reach $2.9 million and was popularly known as one of the first Dogecoin millionaires. 

The hype bubble has since popped, and the value of Dogecoin has toppled, with the cryptocurrency now trading at $0.06378. This would see Contessoto’s holdings now worth around $50,000. 

Despite his loss, Contessoto continues to have trust in Dogecoin. According to a social media post, he mentioned how dog theme meme coins have a better chance of spiking than other meme coins. 

“I feel like they will rise again,” he said. He said this while noting the success of frog-themed crypto PEPE.